US trade deficit hits highest level in seven months
The US trade deficit posts its fourth straight monthly increase, rising 1.3% to a seasonally adjusted $54bn — significantly overshooting analyst forecasts
Washington — A hungry US economy powered by a strong US dollar drew record imports in September, driving the trade deficit to its highest level in seven months, the US government reported on Friday. And amid President Donald Trump’s trade war with Beijing, the US trade deficit with China swelled again, as crucial soybean exports — a sore spot for Republicans in Tuesday’s midterm elections — continued to suffer. With rising wages and low unemployment, Americans purchased more foreign-made telecommunications equipment, computers, mobile phones, aircraft engines, clothing and toys, the commerce department said. The US trade deficit posted its fourth straight monthly increase, rising 1.3% to a seasonally adjusted $54bn, significantly overshooting analyst forecasts, as imports hit $266.6bn, the highest level recorded yet. Exports also rose to $212.6bn The US trade gap has increased a steep 10.1% so far in 2018. The expanding trade gap should weigh on GDP calculations in the third quarter...
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